Office

Velocis, Altus Realty Acquire 505,085 SF Office Complex in Metro D.C.

by Camren Skelton June 12, 2018

TYSONS, VA. — Velocis, in partnership with Altus Realty, has acquired Greensboro Park, a two-building, 505,085-square-foot office complex located at 8180 and 8200 Greensboro Drive in Tysons, roughly 16 miles west of Washington, D.C. CBRE arranged the transaction on behalf of the seller, an affiliate of Beacon Capital Partners LLC. The sales price was not disclosed. Greensboro Park includes one 11-story and one 14-story building, which were collectively 83 percent leased at the time of sale. Amenities include a fitness center, conference center, tenant lounge and an on-site café. Located within walking distance to the Greensboro Metro Station and Tysons Galleria, the property is situated adjacent to The Boro, a mixed-use development. The previous ownership renovated Greensboro Park in 2015, and Velocis and Altus plan to further renovate the building’s lobbies, common areas, restrooms and green space. JLL will manage the property.

June 12, 2018

Acquisitions Florida Office Southeast

HFF Arranges $23.7M Sale of Five-Story Office Building in South Florida

by Camren Skelton June 12, 2018

BOCA RATON, FLA. — HFF has arranged the $23.7 million sale of 900 Broken Sound Parkway, a 115,986-square-foot office building in Boca Raton. The property is located within The Park at Broken Sound, a 700-acre mixed-use community. Hermen Rodriguez, Ike Ojala and Tracey Goo of HFF arranged the transaction on behalf of the seller, a partnership between Mainstreet Capital Partners and an investment fund managed by The Davis Cos. HFF also procured the buyer, a partnership between local investors and a national investment fund. Originally constructed in 1989, the five-story building was renovated in 2015 and was 79.4 percent leased at the time of sale to tenants including CSL Plasma and Geosyntec. NAI Merin Hunter Codman will manage the property and handle the building’s leasing assignment.

June 12, 2018

Development New York Northeast Office

Silverstein Properties Celebrates Opening of 3 World Trade Center

by David Cohen June 12, 2018

NEW YORK CITY — Real estate development firm Silverstein Properties has officially opened 3 World Trade Center, New York City’s fifth-tallest tower, with a ribbon-cutting ceremony June 11. The 80-story, 2.5 million-square-foot office building is the second-to-last tower to open on the 16-acre site. The building will welcome more than 6,000 new employees to Lower Manhattan this year. Located at 175 Greenwich St., 3 World Trade Center was designed by architecture firm Rogers Stirk Harbour + Partners and features a reinforced concrete core encased by a steel structure.Advertising media company GroupM will anchor the building. Other tenants who have signed leases include stock exchange company IEX and management consulting firm McKinsey & Co. The building will also feature 216,000 square feet of retail space, spanning five floors.

June 12, 2018

Company News Office Texas

Friedman Expands Into Texas, Opens Houston Office

by Taylor Williams June 11, 2018

HOUSTON — Friedman Real Estate, a full-service real estate firm that manages more than 140 commercial properties across the country, has opened a new office at 333 Cypress Run in Houston. The location will be the company’s seventh regional office and first in Texas. Mark Zeidman, vice president of brokerage services, will oversee the new office.

June 11, 2018

Acquisitions Office Texas

NewQuest Brokers Sale of 4,100 SF Office Building in Houston

by Taylor Williams June 11, 2018

HOUSTON — NewQuest Properties has brokered the sale of a 4,100-square-foot office building located in the River Oaks/Montrose area of Houston. The property will serve as the new headquarters for oil and gas firm Pioneer Exploration LLC. Austen Baldridge and Brad Elmore of NewQuest represented the buyer of record, State Venture LLC, in the transaction. Mark Nicholas and Cliff West of JLL represented the seller, Canret LLC.

June 11, 2018

Acquisitions New Jersey Northeast Office

PCCP, Vision Real Estate Acquire 66-Acre Office Campus in Morris Plains, New Jersey

by Jeff Shaw June 11, 2018

MORRIS PLAINS, N.J. — PCCP and Vision Real Estate Partners have acquired 185 and 201 Tabor Road in Morris Plains, about 20 miles west of Newark. The purchase price was not disclosed. The 66-acre office campus is comprised of two properties. Built in 2006, 185 Tabor Road is a 240,000-square-foot Class A office building. Constructed in phases from the 1950s to the 1990s, 201 Tabor Road is a series of Class B and C buildings totaling 644,000 square feet. The buyers plan to demolish the existing structure and redevelop the site at 201 Tabor Road. The previous occupant, Johnson & Johnson, was the seller. John Alascio, Sridhar Vankayala and Noble Carpenter III of Cushman & Wakefield acted as exclusive advisor to Vision Real Estate Partners in arranging joint venture equity for the acquisition.

June 11, 2018

Acquisitions Office Washington Western

Swift Real Estate Partners Acquires 145,578 SF Office Property in Metro Seattle for $45.4M

by Amy Works June 11, 2018

BELLEVUE, WASH. — Swift Real Estate Partners has purchased Oakhurst Center, a two-building office property located at 14335 and 14475 NE 24th St. in Bellevue. Barings, on behalf of an institutional investor, sold the property for $45.4 million. At the time of sale, the 145,578-square-foot property was 79 percent occupied and leased. Kevin Shannon, Nick Kucha, Ken White, Tim O’Keefe, Mike Schreck, Michael Moll, James Childress and Bill DeLacy of NKF Capital Markets represented the seller, while the buyer was self-represented in the deal.

June 11, 2018

California Leasing Activity Office Western

ARUP Engineering Moves to Downtown Los Angeles in $57M Lease Transaction

by Amy Works June 11, 2018

LOS ANGELES — ARUP Engineering has inked a deal to occupy 66,000 square feet of space at Wilshire Grand Building, a newly constructed office building in downtown Los Angeles. The value of the transaction is $57 million with an initial lease term of 15 years. The company plans to relocate from to the new location from Playa Vista, Calif., at year’s end. ARUP will occupy three floors of the 73-story building, which also include a five-star hotel, conference facilitates, a full gymnasium and a variety of restaurants. Nathan Pellow and Terence Kirk of Colliers represented the Los Angeles office of the London-based engineering firm in the lease negotiations, while Steve Marcussen and John Cushman III of Cushman & Wakefield represented the landlord, Hanjin/Korean Air.

June 11, 2018

Acquisitions Office Washington Western

Norris & Stevens Negotiates $6.1M Purchase of Office Complex in Vancouver, Washington

by Amy Works June 11, 2018

VANCOUVER, WASH. — Norris & Stevens has arranged the acquisition of The Timbers, an office complex located at 9120 N.E. Vancouver Mall Loop in Vancouver. An undisclosed buyer purchased the property for $6.1 million in a 1031 exchange. Built in 1978 as a theatre complex, the 32,502-square-foot property was converted into a multi-tenant office complex in 2006. At the time of sale, the property was 98 percent occupied by 16 tenants, including DaVita-Total Renal Care, Mission International, Home Instead Senior Care and Columbia Commercial Properties. Thomas McDowell and Raymond Duchek of Norris & Stevens represented the buyer, while Steve Mack of MAJ Commercial Real Estate represented the undisclosed seller in the deal.

June 11, 2018

Acquisitions Midwest Minnesota Office

Marcus & Millichap Brokers $2.1M Sale of Office Building in Burnsville, Minnesota

by Kristin Harlow June 11, 2018

BURNSVILLE, MINN. — Marcus & Millichap has brokered the $2.1 million sale of River Ridge Circle in Burnsville, about 15 miles south of Minneapolis. The 23,138-square-foot office property is located at 190 S. River Ridge Circle. Constructed in 1994, the three-story building originally served as the Minnesota River School of Fine Arts. In 2009, the school closed and the property was transitioned into an office building. Marc Paylor and Claire Roberts of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The undisclosed buyer plans to occupy space at the property.

June 11, 2018

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